Senate Proceeding on Sep 22nd, 2009 :: 0:26:15 to 0:28:45
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0:26:11 to 0:26:31( Edit History Discussion )

Judd Gregg: my student loan. 19 million of mr. gregg: i think the senator from tennessee has reall hit one of the core issues here, independent of the fact that this is just a scam that's being used for the purposes of creating more room to spend more money onther programs and scamming the students of this country by hitting them with $47 billion minimum of interest payments which they shouldn't

0:26:15 to 0:28:45( Edit History Discussion )
Speech By: Judd Gregg

0:26:32 to 0:26:53( Edit History Discussion )

Judd Gregg: have to pay if this procedure is going to be followed. but i think the senator from tennessee has raised another valuable question here, which is: obviously students were reasonably comfortable with the system the way it worked, because 75% of the students had opted to pursue the private-sector loan process. now, granted, it was a little

0:26:54 to 0:27:14( Edit History Discussion )

Judd Gregg: more expensive for them. not dramatically by a student. obviously cumulatively it was, but not dramatically by a student. i think they took that option because it was just so much me convenient. in ourociety, which is reasonably capitalistic, although becoming less so under this administration -- i mean,

0:27:15 to 0:27:35( Edit History Discussion )

Judd Gregg: obviously we're moving down the road toward a socialist state. but independent of that, people often pay a little bit more for the convenience of it, for the convenience of having an efficiently delivered loan, for th convenience of knowing who you're going to talk to when you've got a problem, for the convenience of basically being able to get answers quickly to your questions.

0:27:36 to 0:27:56( Edit History Discussion )

Judd Gregg: and essentially that's what these higher education authorities created in every state. tennessee has one. new hampshire has one. they're really good people. they're -- for the most part, except for their executive director, volunteers. their purpose is to make sure that students have very prompt, significantly access to student

0:27:57 to 0:28:20( Edit History Discussion )

Judd Gregg: loans which is significant enough for them to pay for their education and also done in a way that is convenient, so they don't have to end up just getting lost in a mass of bureaucracy. i suspect every congressional office is going to have to become a massive caringhouse for student loans problems. we don't have that now. i mean, we have problems with a lot of agencies, but student loans is not one of them.

0:28:21 to 0:28:41( Edit History Discussion )

Judd Gregg: so it really is a big issue of the marketplace having voted with their feet, so to say. i mean, the students in this country voted to use the private insurance system, pay a little bit more for the purposes of the convenience that they were being given by having that sort of easy acces and substantive information right at hand versus

0:28:42 to 0:28:45( Edit History Discussion )

Judd Gregg: going into the government and getting overwhelmed by a